PER Peruvian Metals Corp

Petro-Reef Resources Ltd. (TSX VENTURE:PER) -

The Company announces that it has completed the testing of two wells at
Alexander, Alberta.


The 2-1-56-27W4 well was perforated and fractured in the Calahoo zone and on a
30 hour test produced an average of 45 BBl/day of oil and 650 Mcf/day of natural
gas. Petro-Reef has a 94% working interest in the 2-1 well.


The previously announced 13-7-56-26W4 well was perforated and fractured in the
Detrital zone and on a 40 hour test produced an average of 127 BBl/day of oil
and 1,366 mcf/day of natural gas. Petro-Reef has a 79% working interest in the
13-7 well.


For the three months ended March 31, 2011 the Company produced an average of 825
BOE/day comprised of 317 BBl/day of oil and NGL's and 3,048 mcf/day of natural
gas. The Company received an average of $75.25 per barrel for oil and $4.08 per
mcf for natural gas. Field netbacks averaged $27.25/BOE and corporate netbacks
averaged $22.00/BOE. Cash flow for the period is estimated to be $1.6 million.


Petro-Reef will release its Q1 2011 financial statements and MD&A later in June,
2011.


Forward-Looking Statements: All statements, other than statements of historical
fact, set forth in this news release, including without Limitation, assumptions
and statements regarding reservoirs, resources and reserves, future production
rates, exploration and development results, financial results, and future plans,
operations and objectives of the Corporation are forward-looking statements that
involve substantial known and unknown risks and uncertainties. Some of these
risks and uncertainties are beyond management's control, including but not
limited to, the impact of general economic conditions, industry conditions,
fluctuation of commodity prices, fluctuation of foreign exchange rates,
environmental risks, industry competition, availability of qualified personnel
and management, availability of materials, equipment and third party services,
stock market volatility, timely and cost effective access to sufficient capital
from internal and external sources. The reader is cautioned that assumptions
used in the preparation of such information, although considered reasonable by
the Corporation at the time of preparation, may prove to be incorrect. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such
statements.

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